Veritas In Silico Inc.
130A・Growth Market・Pharmaceuticals
Veritas In Silico Inc. (single segment)
A single-segment drug discovery biotech company centered on an mRNA-targeted AI drug discovery platform
| Period | Current | Previous | Change |
|---|---|---|---|
| Business revenue (Q1 cumulative) | ¥17 million | ¥24 million (same quarter prior year) | ↓ |
| Operating loss (Q1 cumulative) | -¥122 million | -¥81 million (same quarter prior year) | ↓ |
| Ordinary loss (Q1 cumulative) | -¥120 million | -¥79 million (same quarter prior year) | ↓ |
| Quarterly net loss (Q1 cumulative) | -¥256 million | -¥79 million (same quarter prior year) | ↓ |
| R&D expenses (Q1 cumulative) | ¥67 million | ¥41 million (same quarter prior year) | ↑ |
| SG&A expenses (Q1 cumulative) | ¥72 million | ¥63 million (same quarter prior year) | ↑ |
| Impairment loss (Q1 cumulative) | ¥135 million | ¥0 million (same quarter prior year) | ↓ |
| Total assets | ¥1,785 million | ¥1,884 million (end of FY2025 (ending December 2025)) | ↓ |
| Net assets | ¥1,527 million | ¥1,783 million (end of FY2025 (ending December 2025)) | ↓ |
| Equity ratio | 85.6% | 94.6% (end of FY2025 (ending December 2025)) | ↓ |
| Cash and deposits | ¥1,715 million | ¥1,825 million (end of FY2025 (ending December 2025)) | ↓ |
| Quarterly net loss per share | -¥39.52 | -¥12.33 (same quarter prior year) | ↓ |
| Full-year forecast - Business revenue | ¥113 million (forecast) | ¥91 million (prior year actual) | ↑ |
| Full-year forecast - Operating loss | -¥569 million (forecast) | ― | ↓ |
| Full-year forecast - Net loss | -¥567 million (forecast) | ― | ↓ |
Business Details
Centered on its AI drug discovery platform "aibVIS," the company operates a hybrid business model combining joint drug discovery research with pharmaceutical companies (platform-type business) and creation of its own proprietary nucleic acid drug pipeline (pipeline-type business). It is advancing joint drug discovery research with Toray, Shionogi & Co., Raqualia Pharma, and Takeda Pharmaceutical, while also promoting its own pipeline project for an ASO-based treatment for acute renal failure. Business revenue mainly consists of research support funds, and at present all projects remain at the research stage.
Recent Overview
Q1 net loss expanded to 3.2x the prior-year level due to a ¥135 million impairment loss
Business revenue for the first quarter of FY2026 (ending December 2026) (January to March 2026) came to only ¥17 million (down 26.2% year on year). R&D expenses expanded to ¥67 million (up 60.2% year on year), and the operating loss worsened to ¥122 million. Furthermore, an impairment loss of ¥135 million was recorded as an extraordinary loss due to impairment processing of tangible fixed assets acquired during the quarter, causing the quarterly net loss to expand substantially to ¥256 million (versus ¥79 million in the same quarter of the prior year). The aibVIS upgrade was completed, joint drug discovery research with the four pharmaceutical companies progressed as planned, and the ASO acute renal failure project advanced to the animal testing preparation stage. There is no change to the full-year earnings forecast, which remains as announced on February 12, 2026.
Key Products
Growth Drivers
- Research support funds and milestone income from progress in joint drug discovery research with four pharmaceutical companies (Toray, Shionogi & Co., Raqualia Pharma, Takeda Pharmaceutical)
- Enhanced competitive advantage through the technological sophistication of the aibVIS platform, upgraded in January 2026, and securing of patent rights
- Progress in preparations for animal testing of the proprietary nucleic acid drug pipeline (ASO acute renal failure treatment) and reduced development time/cost via the Perfusio DDS
- Expansion of business foundation through cost-reduction measures via joint research with Mitsubishi Gas Chemical and new contracts (such as with SpiroChem AG)
- Anticipated future growth of the mRNA-targeted small-molecule drug discovery market (the company estimates it could reach a scale comparable to the protein-targeted small-molecule market)
Risks
- Uncertainty over upfront contract payment income due to prolonged or unsuccessful negotiations for new joint drug discovery research agreements (formal contract negotiations with SpiroChem AG are ongoing)
- All projects remain at the research stage, meaning realization of development/sales milestone and royalty income is at least several years away at the earliest
- Amid continuing increases in R&D and SG&A expenses, risk of cash depletion under a self-funded financing structure (zero borrowings), with cash and deposits declining by ¥110 million in Q1 alone
- The full-year operating loss forecast of ¥569 million implies continued substantial losses, raising concerns about an accelerating pace of depletion of the ¥1,715 million cash balance
- An impairment loss of ¥135 million on tangible fixed assets was recorded in Q1, presenting risk of additional asset impairment charges
- The inherently high failure risk of drug discovery (the success probability for nucleic acid drugs from Phase II onward is only around 8-10%)
- A structural industry shift, as pharmaceutical companies scale back in-house drug discovery in favor of external asset licensing, poses headwinds for the platform-type business model
Last updated: March 23, 2026